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Central Bank Official Calls for Space to Test Fintech

A senior official from China’s central bank has called for allowing financial technology (fintech) firms to test innovations under controllable limits — an arrangement similar to the regulatory sandbox in some Western countries. China needs to speed up the development of a mechanism for fintech innovation testing, Li Wei, director of the technology department at the People’s Bank of China ( PBOC ), said at a payment and settlement development forum held in Shanghai earlier this week. Traditional financial institutions tend to be overly cautious in adopting fintech, while internet companies often give too little regard to regulatory restraints […]